Comprehensive Annual Financial Report - St. Tammany Parish ...

sales tax revenue stabilizes so that we may continue to operate these departments within
the current funding source.
The Capital Street Improvements-General Fund showed a decrease in fund balance due to
capital projects that were started and/or completed during 2010 as well as impact fee
credits issued in prior years being used during 2010.
The decrease in fund balance for the Disaster Relief Fund is due to final settlements
being reached for several Katrina related contracts. Portions of the settlements will be
borne by the Parish.
As the construction of the Towers Building neared completion, the grant from FEMA for
the construction was finalized and the revenue recorded. The expenditures were booked
as incurred in prior years, but since the project worksheet had not been completed; the
Parish took the conservative approach and did not book the revenue. The remainder of
the changes in the fund balances of the capital project funds is a timing difference. The
projects are funded, but may take several years to complete.
Proprietary funds. St. Tammany Parish’s proprietary funds provide the same type of
information found in the government-wide financial statements, but in more detail.
Unrestricted net assets of the St. Tammany Parish State Complex Fund at the end of the
year amounted to $753,271 and those for the Utility Operations Fund amounted to
$3,764,144. The total change in net assets, from the prior year, for both funds was an
increase of $230,458 and a decrease of $877,352, respectively.
The change in net assets in the St. Tammany Parish State Complex Fund as compared to
the prior year was due to the debt for the building that was transferred from the enterprise
fund to the General Fund being paid off in 2009.
The largest contributing factor of the change in net assets in the Utility Operations Fund
as compared to the prior year was the prior year purchase of a small utility company. As
previously discussed, this purchase was financed by general obligation revenue bonds
that were accounted for in the General Fund. The capital assets, however, are accounted
for in the Utility Operations Fund. Since the debt incurred is secured only by general
revenues of the Parish as a whole, it is not shown within the Utility Operations Fund.
Another contributing factor was the purchase of a large utility company financed by the
issuance of utility revenue bonds, as discussed previously.
General Fund Budgetary Highlights
The difference between the original operating budget and the final amended budget
includes an increase of $301,585, or 2.2%, in appropriations. This increase is due to a
few professional service contracts started in 2009 were not able to be completed until
2010. The 2010 budget was increased by the amount budgeted in 2009, but not yet
expended for these contracts.
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